Transocean (NYSE:RIG), via its subsidiary Transocean International Limited, has priced a $500M private offering of Senior Priority Guaranteed Notes due 2032.
The notes will bear interest at 7.875% per annum and are expected to close on or around October 15, 2025.
Proceeds will be used to refinance or redeem outstanding 8.00% senior notes due Feb 2027 (after a prior $415M redemption), repay 6.875% senior secured notes due 2027, and fund a $50M tender offer for selected 2041 and 2028 notes with higher coupons (up to 9.35%).
Pending deployment, proceeds may be temporarily held in short-term investments.
The tender offer is subject to terms outlined in the official offer to purchase, dated Sept. 30, 2025.
